Finance news you need to know today

Commsec US Mid Session 15 Nov2:13

Overnight the US markets started off weaker but in the last two hours of trade we have seen some improvement. Us investors are concerned about the US tax plan and if it will be watered down and overseas investment levels especially Saudi Arabia.

November 15th 2017

9 months ago

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Former NSW Premier Mike Baird.Source:Supplied

THE Australian share market looks set to open lower after US stocks lost ground in overnight trade, dragged down by falling oil prices. At 0730 AEDT on Wednesday, the share price futures index was down 27 points, or 0.45 per cent, at 5,949.

Meanwhile, the Australian dollar was steady with the US dollar, which fell against most major currencies. The local currency was trading at 76.34 US cents at 0700 AEDT on Wednesday, from 76.33 on Tuesday.

GENEVA — South Korea won a partial victory when a World Trade Organization panel ruled on its legal challenge to US anti-dumping duties on steel pipe used in the oil industry, but Seoul lost most of the arguments it had made.

FRANKFURT — The Standard & Poor’s agency has downgraded Venezuela’s sovereign credit rating to “selective default” after the country missed a deadline for a $US200 million ($A280 million) bond payment.

TUESDAY HIGHLIGHTS:

NAB — Mike Baird’s return to banking has proved enormously lucrative for the former NSW premier, who was paid almost $900,000 in his first five months at National Australia Bank.

RURALCO — Agribusiness Ruralco has made a record annual profit partly because Australia does not have enough sheep.

INCITEC PIVOT — Incitec Pivot has more than doubled full-year profit courtesy of rising fertiliser prices and launched a $300 million buyback, but the future of the company’s Gibson Island plant in Queensland remains under a cloud as it struggles to secure new gas supply.

CONSUMER ANZ — Consumer confidence has bounced to a seven-week high, with people feeling more optimistic about the state of the economy and buoyed by improvements in the job market, new figures show.

NBN — NBN Co may soon tell households what speeds they can actually get on the network if their broadband providers fail to do so.

HARVEY NORMAN — Harvey Norman’s board members are expected to face tough questions about dividends, franchisees and their own independence when they front shareholders this week.